Samsung builds $14.7 billion fab - its largest plant ever

Samsung announced plans for a new fab in Pyeongtaek, roughly 75 kilometers south of Seoul, that is set to become the company's biggest investment in a single chip facility. The $14.7 billion plant will focus on the production of chips for mobile devices and will create around 150,000 jobs. The plant is expected to be completed in the second half of 2017.

Samsung, the world's top memory chip maker, said the plant would be located in Pyeongtaek, roughly 75 kilometers (47 miles) south of Seoul. The company said it would create 150,000 jobs, equal to about a third of the city's population.

The bet on chips comes as its smartphone business is being squeezed by Apple Inc in the premium segment and undercut by Chinese rivals like Lenovo Group Ltd in mid-to-low end. April-June operating profit for Samsung's mobile division fell in annual terms for the second straight quarter, the longest streak since at least 2011.